Britain's biggest taxpayer Fred Done said he is "too old" to leave the UK but would not dissuade his children from moving to more tax-friendly nations. The 83-year-old billionaire founder of gambling group Betfred told the FT he would "not wish to be reborn" in the UK. "We paid £400mn in taxes as a family last year," he said.

The government's tax rises have prompted billionaires like Chris Rokos, Lakshmi Mittal, and Nassef Sawiris to leave. Done warned further gambling tax increases would shut almost half of Betfred's 1,094 shops within a year, predicting all bookmakers will be "dead" by 2030. He said he had never felt so gloomy since opening his first bookies in Salford in 1967.

Chancellor John Healey is considering raising machine gaming duty in October. If the rate rises from 20% to 40%, Done said Betfred would shut 495 outlets, losing 2,575 jobs and £67mn in taxes. This comes on top of 132 closures already underway. Betfred paid £210mn in UK taxes in the year to March.

Done rejected accusations of "scaremongering" from Dame Meg Hillier. He said the high street will be dead, and while closures might be welcomed, they won't curb gambling. "They will find a way to bet, like in the prohibition," he said, adding problem gamblers will turn to the black market. Betfred sponsors the five classic races but hasn't agreed an extension due to tax threats.